Economy

Fed’s Bostic reportedly says U.S. recovery may be ‘leveling off’

Raphael Bostic, president and chief executive officer of the Federal Reserve Bank of Atlanta  Christopher Dilts | Bloomberg | Getty Images Atlanta Federal Reserve Bank President Raphael Bostic said the U.S. economic recovery is in danger of stalling due to the recent spike in coronavirus cases across many American states. High-frequency data had shown a “leveling […]

Economy

Raphael Bostic, the Fed’s first Black branch president, says racism has economic impacts

President and Chief Executive Officer of the Federal Reserve Bank of Atlanta Raphael W. Bostic speaks at a European Financial Forum event in Dublin, Ireland February 13, 2019. Clodagh Kilcoyne | Reuters The Federal Reserve has a role to play in ending systemic racism, in the view of the central bank’s first Black regional president. […]

Economy

Goldman lowers economic outlook as U.S. copes with rising coronavirus cases

Medical workers prepare to intubate a coronavirus disease (COVID-19) patient at the United Memorial Medical Center’s coronavirus disease (COVID-19) intensive care unit in Houston, Texas, U.S., June 29, 2020. Callaghan O’Hare | Reuters Rising coronavirus cases will limit growth in what will be an otherwise robust third-quarter rebound in the U.S., according to Goldman Sachs. […]

Economy

Stocks cut gains after Reuters reports big virus spike in Florida, Dow still up 200 points

Stocks rose sharply on Thursday as investors cheered a bigger-than-expected increase in jobs in June as the economy tries to claws back from the coronavirus shutdown. The Dow Jones Industrial Average traded 412 points higher, or 1.6%. The Nasdaq Composite hit a record high, climbing more than 1%. The S&P 500 gained 1.4%. Boeing contributed […]

Economy

Jobs increase by 4.8 million, unemployment rate at 11.1%

Nonfarm payrolls soared by 4.8 million in June and the unemployment rate fell to 11.1% as the U.S. continued its reopening from the coronavirus pandemic, the Labor Department said Thursday. Economists surveyed by Dow Jones had been expecting a 2.9 million increase and a jobless rate of 12.4%. The report was released a day earlier […]

Economy

Fed’s Bullard warns of financial crisis risks as virus cases spike

James Bullard Olivia Michael | CNBC St. Louis Federal Reserve Bank President James Bullard has warned that a growing number of bankruptcies due to the coronavirus outbreak could lead to a financial crisis, the Financial Times reported. “Without more granular risk management on the part of the health policy, we could get a wave of […]

Economy

17.6 million unemployed Americans likely won’t return to old jobs

Just over 1 in 10 Americans who are out of work because of the coronavirus pandemic don’t have a good chance of getting called back to their old jobs, according to recent research from the Economic Policy Institute, a left-leaning think tank.  About 11.9 million Americans who are unemployed as a result of the pandemic, […]

Economy

Coronavirus is expected to tank U.S. auto sales in the second quarter

Cars sit in a dealership lot on the first day that dealerships are allowed to open to the public on May 20, 2020 in Linden, New Jersey. Spencer Platt | Getty Images Fiat Chrysler’s U.S. vehicle sales in the second quarter fell by 38.6% as the coronavirus caused consumers to stay at home, and dealerships and […]

Economy

ADP: Private payrolls June 2020

A waitress wearing a mask helps customers at Cafe Luxembourg’s outdoor seating as the city moves into Phase 2 of re-opening following restrictions imposed to curb the coronavirus pandemic on June 22, 2020 in New York City. Alexi Rosenfeld | Getty Images Companies in June continued to bring workers back from their pandemic furlough as […]

Economy

Economy’s second-half comeback is now threatened by coronavirus resurgence

A worker wearing a protective mask and gloves assembles face shields at the Cartamundi-owned Hasbro manufacturing facility in East Longmeadow, Massachusetts, April 29, 2020. The factory is making 50,000 face shields per week for hospitals in Massachusetts and Rhode Island, Governor Charlie Baker said. Adam Glanzman | Bloomberg via Getty Images As the economy moves […]